Cognizant's Study Forecasts $1 Trillion US Economic Boost In 10 Years

 


Cognizant, in collaboration with Oxford Economics, has unveiled its "New Work, New World" study, projecting that generative AI (gen AI) will impact 90% of jobs, signaling a profound shift in work, productivity, and economic growth. CEO of Oxford Economics, Adrian Cooper, emphasized the study's global implications, providing insights into the rapid transformation gen AI could bring to the U.S. economy and offering valuable guidance for leaders. The study suggests that gen AI, with its potential to enhance operational efficiency, create new revenue streams, and redefine businesses, may lead to significant disruptions in the labor market. It anticipates a surge in AI adoption over the next decade, potentially boosting U.S. productivity by 1.7 to 3.5 percent and growing U.S. GDP by $477,000 to $1 trillion annually. However, it also predicts that 52% of jobs could undergo significant changes, resulting in approximately 9% of the current U.S. workforce being displaced, while 1% may face challenges in finding new employment.

In response to these findings, Cognizant advocates for collaborative efforts among leaders across sectors to establish a trust pact, facilitating the thriving of businesses, workers, and economies in the future era of generative AI. The study calls for proactive retraining initiatives as the workplace landscape evolves, advocating for a shift in the perception of reskilling programs from a tactical complement to an essential part of the workday. Cognizant's Synapse initiative, designed to revolutionize technology education and workforce development, aims to create a new pool of employable talent for the expanding digital economy by 2026. The study methodology, which evaluates and forecasts the economic impact of gen AI in the United States over the next decade, involved five main work phases and considered three scenarios with different outcomes.

Read More - https://www.techdogs.com/tech-news/pr-newswire/a-study-on-the-impact-of-generative-ai-by-cognizant-predicts-it-could-inject-1-trillion-into-the-us-economy-within-10-years

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